A Quote by Andrew Lo

Economists suffer from a deep psychological disorder that I call 'physics envy'. We wish that 99 percent of economic behavior could be captured by three simple laws of nature. In fact, economists have 99 laws that capture 3 percent of behavior. Economics is a uniquely human endeavor.

Andrew Lo

Quote Topics

Behavior Call Capture Captured Could Deep Disorder Economic Economics Economists Endeavor Envy Fact Human In Fact Laws Laws Of Nature Nature Percent Physics Psychological Simple Suffer Three Uniquely Wish

Quote Author

Andrew Lo
Economist

As someone who came to New York in the 1970s, I was, like so many of my friends, a certified member of what we now call the 99 percent - and I was a lot closer to the bottom than to the top of that 99 percent. At some point during the intervening years, I moved into the 1 percent.

Graydon Carter

13. 99 percent is a very large percentage. For instance, easily 99 percent of people want a roof over their heads, food on their tables, and the occasional slice of cake for dessert. Surely an arrangement can be made with that niggling 1 percent who disagree.

Daniel Handler

It sounds so innocuous but the difference between 99 percent and 100 percent is huge. You can finish at 99 percent and you'll be hurting but if you push a tiny bit more - and that's the bit that makes the difference to your training - your legs just grind to a halt. It's like your engine is seizing up.

Chris Hoy

In a comprehensive study of all public multiple shooting incidents in America between 1977 and 1999, economists John Lott and Bill Landes found that the only public policy that reduced both the incidence and casualties of such shootings were concealed-carry laws. Not only are there 60 percent fewer gun massacres after states adopt concealed-carry laws, but the death and injury rate of such rampages are reduced by 80 percent.

Ann Coulter

99.99 percent of all species that have ever lived are no longer with us.

Bill Bryson

In the 2013 Economists Program, we hired 51 percent women, 49 percent men. And the reason for that is that we have a draft from all over the world, and we've hired, for instance, in that group, a good number of Chinese economists - highly qualified, all Ph.D.s from the best universities of the world. And guess what? They're all women.

Christine Lagarde

Everything we do understand about the universe - the periodic table of elements, Einstein's laws, Newton's laws, all of chemistry, all of biology - that's 4 percent of the universe. We got to the moon on the 4 percent we do understand. We landed on Mars on the 4 percent we do understand. So the day we crack the nut of the rest of that 95 percent... Oh my gosh.

Neil deGrasse Tyson

Policemen and laws can never replace customs, traditions and moral values as a means for regulating human behavior. At best, the police and criminal justice system are the last desperate line of defense for a civilized society. Our increased reliance on laws to regulate behavior is a measure of how uncivilized we’ve become.

D. Todd Christofferson

But while they prate of economic laws, men and women are starving. We must lay hold of the fact that economic laws are not made by nature. They are made by human beings.

Franklin D. Roosevelt

Interesting statistic: In every economic recovery until 1982, working people captured more than 80 percent of the value of the recovery. Since 1982, the top 10 percent has captured 90 percent of the value of the economic recovery.

Julianne Malveaux

In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that they started writing down models of highly rational behavior - and they kind of forgot about humans.

Richard Thaler

Economists often talk about the 80/20 Principle, which is the idea that in any situation roughly 80 percent of the “work” will be done by 20 percent of the participants. In most societies, 20 percent of criminals commit 80 percent of crimes. Twenty percent of motorists cause 80 percent of all accidents. Twenty percent of beer drinkers drink 80 percent of all beer. When it comes to epidemics, though, this disproportionality becomes even more extreme: a tiny percentage of people do the majority of the work.

Malcolm Gladwell

The laws of Nature take precedence of all human laws. The purpose of all human laws is one - to defeat the laws of Nature. This is the case among all the nations, both civilized and savage. It is a grotesquerie, but when the human race is not grotesque it is because it is asleep and losing its opportunity.